A Contractor and Southampton, Inc

question 35

Multiple Choice

A contractor and Southampton, Inc. have a contract, which calls for the contractor to build a building with the completion by June 15. If the building is not completed by that date, the contract calls for the contractor to pay $100 per day in damages. The $100 per day is:

• A) punitive damages.
• B) nominal damages.
• C) liquidated damages.
• D) an illegal penalty.

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Definitions:

Global Interdependence

The reliance of countries on each other due to globalization, affecting economies, trade policies, and cultural exchanges.

United States-Mexico-Canada Agreement (USMCA)

A trade agreement between the United States, Mexico, and Canada that replaced NAFTA, aimed at reducing trade barriers and promoting North American economic growth.

North American Free Trade Agreement (NAFTA)

A trilateral trade agreement between Canada, Mexico, and the United States to reduce trade barriers and promote economic integration.

Economic Development

The process of improving the economic well-being and quality of life for a community, by increasing jobs and wealth and creating a stable economic base.